Energean has agreed to sell its E&P portfolio in Egypt, Italy and Croatia to a global investment firm controlled by Carlyle International Energy Partners for up to $945 million.
Subject to regulatory and anti-trust approvals, the transaction should be completed by the end of this year.
Energean gained these interests through its 2020 acquisition of Edison E&P. The production, development and exploration assets, mainly in the Mediterranean Sea and the Gulf of Suez, comprise 2P reserves of 150 MMboe (70% gas) and net production of 34,000 beds (37% gas).
The company said it paid $284 million for these assets in 2020.
Selling them, Energean added, would reduce its E&P emissions intensity by 40%, and its decommissioning liabilities by 60%, while providing $7.5 million/year of cost savings.
Post-completion, Energean will have a gas-weighted portfolio led by its Karish Field offshore Israel, the Anchois Field offshore western Morocco, and the carbon capture and storage hub offshore western Greece.
